KeyCorp (KEY) announced that its board declared a cash dividend of $0.055 per share on the corporation's outstanding common shares for the second quarter of 2013. The dividend is payable June 14, 2013 to holders of record of common shares as of the close of business on May 28, 2013.
Key also announced that it has received a no objection to its request for an additional capital distribution in the form of share repurchases with respect to the after tax net proceeds realized on the cash portion of the purchase price associated with the pending sale of Victory Capital Management and Victory Capital Advisors expected to be realized in the third quarter of 2013 at the time of closing. As previously announced, the Company entered into a sales agreement in February 2013 to sell Victory.
The sales price consists of $201 million of cash at closing and a seller note. The initial face amount of the note will be $45 million, with its final value determined at the end of 2013. The no objection relates to the after-tax net gain realized on the cash portion of the sale at closing. The company currently estimates that this portion of the after-tax net gain will be approximately $120 to $125 million. The company intends to request an additional capital distribution for the after-tax net gain realized on the final determination of the note after the end of 2013.
Additionally, during KeyCorp's May 16 annual meeting, shareholders elected all of the KeyCorp's 12 nominees to its Board of Directors; ratified the appointment of Ernst & Young as the company's independent auditors for 2013; approved, with more than 95% of the vote, an advisory proposal on compensation of KeyCorp's named executive officers; and approved KeyCorp's 2013 Equity Compensation Plan.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.